Question: Can som eone explain how to get the answer providing formulas and calculations? Thank you 7) On December 1, 2018, ABC signed a $300,000, 5%,

Can som Can someone explain how to get the answer providing formulas and calculations? eone explain how to get the answer providing formulas and calculations? Thank you

7) On December 1, 2018, ABC signed a $300,000, 5%, six-month note payable with the amount borrowed plus accrued interest due six months later on June 1,2019. ABC records the appropriate adjusting entry for the note on December 31,2018. What amount of cash will be needed to pay back the note payable plus any accrued interest on June A) $301,250. 1,2019? C) $307,500. B) S300,000. D) S306,250

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